There are several factors to consider when deciding what renovation projects to take on before putting a house up for sale. Renovation projects renew your home through repairs and updates. Making renovations to a house you intend to sell allows prospective buyers to see the home in its best state. Renovations can range from a fresh coat of paint to replacing hardware with updated equipment. These projects can be a manageable feat for homeowners to see a positive return on their investments.
An experienced real estate professional can help homeowners understand what renovations will increase the value of their property. Renovations can be a profitable investment for homeowners preparing to sell. A recently renovated home can help facilitate a quick and stress-free sale process.
Increase the number of interested buyers
Realtors are experts in marketing, working to find the best buyer for each of their listings. In the real estate market, newly renovated properties are more competitive than their non-renovated counterparts. Online listings and professional photos can be valuable tools to promote the property to potential buyers. Newly renovated homes garner more interest from prospective buyers. Renovations can be used to benefit the seller when it comes time to negotiate. An experienced realtor can use recent renovations to increase the amount of interested possible buyers and ultimately increase the final sale price.
Revamp the property through renovations
The purpose of renovating is to revitalize a home. Renovations can bring life to a dated property, so it will appeal to prospective buyers. A modernized property is more competitive in the real estate market. Some simple renovations, including essential replacements and easy updates, can increase the sellers' profit. Replacing out-of-date hardware like kitchen sink faucets or updating bathroom tiles can yield positive returns for the homeowner. Simple renovations can make the move-in process less stressful for future homeowners.
Should you expect a return on investment?
Homeowners often decide to renovate before selling their house to boost the property’s value on the real estate market. Renovation strategies vary from property to property as each home and seller is unique. For homeowners committed to selling, the top priority of renovation projects on their house is to see a positive return. While renovations can be costly, these projects can be well worth it when doing renovations that increase home value.
Some renovations, like garage door replacement and steel entry door installation, consistently yield positive returns. The most profitable renovation project is heating, ventilation, and air conditioning electrification conversion. Electric heating, ventilation, and air conditioning systems are especially valuable as gas and oil prices cause high utility bills. Technological improvements in heating and cooling systems have made electric systems more efficient across different climate regions. An experienced real estate expert can advise homeowners on what renovation projects will be the most profitable for their property.
Catch up on maintenance projects
Functional heating and cooling systems, plumbing, and other essential components are expected when buying a home. For instance, beautiful state-of-the-art stainless steel appliances in the kitchen lose their charm if the pipes under the sink leak. Simple maintenance projects can help potential buyers imagine themselves living in the home. There are many basic maintenance projects that increase the value of your home. Cleaning out our gutters, freshening up landscaping, and repainting walls are just a few of the projects that can contribute to your property being more competitive in the real estate market. Buyers will be more interested in a house in tip-top shape. Commitment to maintenance can boost the price of your home for sale.
Focus renovations on specific spaces in your home
Prioritizing individual rooms in your house during renovations can maximize profits for the homeowner. Renovation projects can improve or repurpose rooms to best appeal to prospective buyers and boost the sale price. Kitchen and bathroom renovations often pay for themselves as improvements in these rooms bring positive returns. Since people spend a lot of time in the kitchen and bathroom, potential buyers are drawn to homes where the seller has invested in these spaces through renovation.
Renovations can be used to improve existing rooms or change spaces to be used differently. For example, converting a spare room into a home office can attract buyers. As people working from home became increasingly popular during the pandemic, an office within your living space has become a major draw for prospective homeowners. Today 63% of buyers want a home office, while nearly 25% consider it essential. Investing in renovations to transform a room into an office can be incredibly profitable as they make the property more competitive in the real estate market. Strategic renovation projects dedicated to specific rooms in your home can increase your home’s value.
Ready to work with an experienced professional today?
Johnathon De Young is a top-ranked luxury realtor in Paradise Valley, Scottsdale, and Phoenix, Arizona. Johnathon prides himself on providing his clients with the best service and is committed to using his expertise in luxury real estate to negotiate the best prices for his clients. An experienced professional like Johnathon can help homeowners consider what renovations will boost the value of their luxury Arizona property. Contact Johnathon if you are ready to get started today!
*Header photo courtesy of Johnathon De Young